Daily Financial Regulation Update — Saturday, June 18, 2022 | Paul Hastings LLP

Federal agencies

US Department of Treasury

US Treasury welcomes Financial Action Task Force censorship of Russia

June 17, 2022

The Financial Action Task Force (FATF) concluded the last plenary session under the German Presidency and made policy recommendations to strengthen efforts to fight corruption and the misuse of virtual assets. The FATF again condemned the Russian war against Ukraine and took steps to restrict Russia’s FATF membership privileges.

Federal Reserve Board

Monetary Policy Report

June 17, 2022

The Federal Reserve Board has released the June 2022 Monetary Policy Report.

Speech: President Powell’s Welcome Remarks on the “International Roles of the U.S. Dollar”

June 17, 2022

Chairman of the Board of the Federal Reserve, Jerome Powell, delivered a welcome speech at the “International Roles of the US Dollar,” a research conference sponsored by the Federal Reserve Board, in Washington, DC.

Document: The digital economy and productivity

June 17, 2022

The Federal Reserve Board published an article titled “The Digital Economy and Productivity”.

Federal Reserve Bank of New York

New York Fed to launch regular release of new measure of how corporate bond market is working

June 17, 2022

The Federal Reserve Bank of New York has announced that it will begin monthly release of a new research product focused on identifying periods of widespread distress in the US corporate bond market. The first release is scheduled for Wednesday, June 29 at 10:00 a.m. EDT.

The U.S. Economy in Brief – June 2022

June 17, 2022

The Federal Reserve Bank of New York released the June 2022 US economy in a snapshot showing that core inflation remained high, the unemployment rate was unchanged and the savings rate fell.

Core Inflation Gauge (UIG) – June 2022

June 17, 2022

Staff at the Federal Reserve Bank of New York have released June 2022 Core Inflation Gauge (UIG) measurements.

New York Fed DSGE Model Forecast — June 2022

June 17, 2022

The Federal Reserve Bank of New York has released the Dynamic Stochastic General Equilibrium (DSGE) model forecast for June 2022.

International

bank of england

Survey: Market Player Survey Results – June 2022

June 17, 2022

The Bank of England has released the results of the Market Participants Survey for June 2022.

Working Paper: Types of start-ups and macroeconomic performance in Europe

June 17, 2022

The Bank of England has published a staff working paper titled “Types of start-ups and macroeconomic performance in Europe”.

UK Financial Conduct Authority

The FCA’s work on market abuse and manipulation

June 17, 2022

The Financial Conduct Authority has published an update of its work on market abuse and manipulation.

Administrative changes

Vacant jobs

Federal Reserve Board

  • Vice President for Oversight – Michael S. Barr appointed April 15, 2022 (nomination hearing held May 19, 2022; committee approval June 8, 2022; full Senate vote pending.)

Federal Deposit Insurance Corporation

  • President – ​​Vacant (Martin Gruenberg is acting president)
  • Vice President – ​​Vacant

Office of the Comptroller of the Currency

  • Controller – Vacant (Michael Hsu is Acting Controller)

Appointments/Confirmation Hearings

U.S. Treasury Department – Janet Yellen (effective January 26, 2021)

Federal Reserve Board – Jerome H. Powell (effective May 23, 2022)

Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)

Federal Deposit Insurance Corporation – Martin Gruenberg (Acting Chair, appointed February 5, 2022)

Consumer Financial Protection Bureau – Rohit Chopra (effective October 12, 2021)

Security and Exchange Commission – Gary Gensler (effective April 17, 2021)

Small Business Administration – Isabella Casillas Guzman (effective March 16, 2021)

Commodity Futures Trading Commission – Rostin Behnam (effective December 17, 2021)

Financial Crimes Network

National Administration of Credit Unions – Todd M. Harper

U.S. Department of Housing and Urban Development – Marcia Fudge (effective March 10, 2021)

Federal Housing Finance Agency – Sandra L. Thompson, (confirmed May 25, 2022)

US Department of Education – Dr. Miguel Cardona (effective March 2, 2021)

PH Customer Alerts

Click here to learn more about our Coronavirus series.

Legislation/legislative updates

Click here to view the full text of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), Adopted March 27, 2020.

Click here to view the full text of the Expanding Paycheck Protection Program Act of 2020, Adopted April 24, 2020.

Click here to view the full text of the Paycheck Protection Program Flexibility Act of 2020, Adopted on June 5, 2020.

Click here to view the full text of the Consolidated Credit Law, 2021, Adopted on December 27, 2020.

Click here to view the full text of the 2021 US bailout plan, Adopted March 11, 2021.

Click here to view the full text of the PPP Extension Act 2021, Adopted March 30, 2021.

Click here to see a current list of bills the Senate Committee on Banking, Housing and Urban Affairs, the Senate Committee on Small Business and Entrepreneurship, the House Committee on Financial Services and the House Committee on Small Business.

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